XRP experienced a price surge of 3% following comments from Federal Reserve Chair Jerome Powell regarding potential interest rate cuts. However, this rise occurred amidst a backdrop of significant liquidations, with 470 million XRP tokens sold across major exchanges on August 21-22, resulting in volatility and resistance at $2.92. Regulatory uncertainty is heightened as the SEC has delayed rulings on XRP ETF applications, scheduled for October, and concerns about XRP's low security ranking persist. On-chain settlement volumes, however, surged 500% to 844 million tokens, indicating some growth in adoption despite market challenges. XRP's price fluctuation from $2.89 to $2.80 highlighted the bearish sentiment, as the token faced a resistance level which was confirmed by high trading volumes. Traders are closely monitoring support levels around $2.80 and potential ETF developments that may affect institutional investments, while the resistance zone established at $2.92-$3.00 is seen as crucial for a bullish reversal.

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